Chinese government takes control of Canadian real estate assets

Real estate assets of Chinese insurance company Anbang are now under the control of the Chinese government which has accused the firm of “illegal business practices.”

These assets include Vancouver company Retirement Concepts, the largest owner of retirement homes in British Columbia, which was acquired by Anbang in a $1 billion deal last year.

The Vancouver Sun reports that Anbang owns several US hotels including the Waldorf Astoria.

When the possibility of Beijing taking control of Anbang was first raised last year, the prime minister Justin Trudeau said the retirement homes in BC will continue to be regulated by the provincial authorities. However, concern was expressed by Conservative MP Mark Strahl.

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